Denver, CO

2016 Financial State of Denver (Released 1/24/2018)

Denver's Taxpayer Burden™ is -$5,000, and it received a "D" from TIA.
Denver is a Sinkhole City without enough assets to cover its debt.
Decisions by elected officials have led to a Taxpayer Burden™, which is each taxpayer's share of city bills after its available assets have been tapped.
TIA's Taxpayer Burden™ measurement accounts for all assets and liabilities, including pension and retiree healthcare debt.
Denver only has $2.7 billion of assets available to pay bills totaling $4 billion.
Because Denver doesn't have enough money to pay its bills, it has a $1.2 billion financial hole. To erase this shortfall, each Denver taxpayer would have to send $5,000 to the city.
Thanks to an accounting rule implemented in the 2015 fiscal year, Denver must report its pension debt on its balance sheet. However, the city still excluded almost $52.5 million of this debt because it prepared its 2016 financial statements with outdated pension data. Furthermore, $101.8 million of retiree healthcare liabilities were also obscured from the balance sheet. A new accounting standard will be implemented in the 2018 fiscal year that will require governments to report these liabilities.
The city's financial report was released 146 days after its fiscal year end, which is considered timely according to the 180 day standard.
 

Prior Years' TIA Data

2015 Financial State of Denver

Other Resources

Denver Comprehensive Annual Financial Reports

Publishing Entity: Department of Finance

IN THE NEWS
Why pension governance matters

NOVEMBER 12, 2018 | ROYAL BANK OF CANADA

I focus on the existence, stability, and characteristics of SS. Contrary to the implication of the “80 percent standard,” there is a continuum of stable steady states, with lower funding standards corresponding to higher contribution rates.

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